TRENTO, Italy (Reuters) - Britain's exit from the European Union would likely trigger turmoil on financial markets prompting the European Central Bank to act, Governing Council Member Francois Villeroy de Galhau said on Saturday.
Villeroy de Galhau told an economic conference in Italy he hoped Brits would vote to remain within the EU this month. An exit would likely trigger a flight-to-quality among investors, lifting risk premia on lower-rated euro zone issuers' debt.
Central banks would have to step in to counter turmoil and the euro zone would need to speed up its integration efforts, he said.
(Reporting by Valentina Za; editing by Agnieszka Flak)
Currently, François Villeroy de Galhau holds the position of Chairman-Supervisory Board at Institut dÉmission des Départements dOutre-Mer. He is also on the board of Association pour le Droit à l'Initiative Economique, Cortal Consors SA, BNP Paribas Leasing Solutions and Adolphe De Galhau´Sche Sophienstiftung. In his past career he occupied the position of Chief Operating Officer-Domestic Markets at BNP Paribas SA Chairman & Chief Executive Officer at BNP Paribas Personal Finance SA and Chairman-Supervisory Board for BNP Paribas SA (Broker) (both are subsidiaries of BNP Paribas SA). François Villeroy de Galhau received an undergraduate degree from Ecole Polytechnique and an undergraduate degree from Ecole Nationale d'Administration.
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